Mutharika says Malawi wants to woo foreign investors at UK-Africa summit

Written by  MBC Online

President Professor Arthur Peter Mutharika said Friday the inaugural UK-Africa investment summit provides another platform for Malawi to share with potential investors and opportunities that Malawi has in various areas including trade.

Mutharika: Off to UK-Africa summit to woo foreign investors. Pix by Mana. Mutharika: Off to UK-Africa summit to woo foreign investors. Pix by Mana.
17
January

“Malawi’s special interest at the summit is to convince investors to set up businesses in Malawi,” he said before departure for the UK.

 

The summit opens on January 20 and will be hosted by Britain’s Prime Minister Boris Johnson.

 

“This is key to improving trade and investment,” he added.


The Summit, which is expected to create new lasting partnerships to deliver more investment, jobs and growth to benefit people and businesses across Africa and the UK, will bring together UK and African business representatives, African leaders and delegations from across Africa, international institutions and young entrepreneurs.


International Development Secretary Alok Sharma who earlier visited some countries on the African continent ahead of the summit said:“Africa has eight of the 15 fastest growing economies in the world but currently receives less than 4% of foreign direct investment. There are fantastic opportunities for UK businesses to work alongside, invest in and partner with African nations.


“At the UK-Africa Investment Summit in London on January 20, we will bring together UK and African businesses, African leaders, international institutions and young entrepreneurs to drive the investment Africa needs to flourish. I look forward to seeing many of you there.”

 

With this Summit, the UK will demonstrate that it is the investment partner of choice for African nations, offering world-leading expertise on tech and innovation and positioning the City of London as the number one global exchange for African businesses.

In relation to UK-Malawi Trade, British High Commissioner to Malawi Holly Tett said:

“As we get Brexit done, we want a closer trading partnership with Malawi and we are helping UK businesses to seize new and exciting opportunities for investment. For instance with support from UKAid and CDC group, among others, we are supporting businesses in various sectors like agriculture to compete at an international level and contribute to local economy through taxes and job creation in a sustainable way.


“By 2038 Malawi’s population will have doubled to 36 million people. The summit will bring together British and African businesses to harness the potential of fast-growing countries like Malawi, and make the most of trade and investment opportunities.”

 

 16 MALAWIAN COMPANIES AT SUMMIT

 

Up to 16 Malawian companies will attend this year’s UK-African investment summit, the Malawi Investment and Trade Center (MITC) says.

 

Speaking to MBC in London, Chief Executive Officer for MITC, Clement Kumbemba said out of the 16, ten are from the private sector  while six are public entities.

 

"The presence of these companies at the summit is a milestone because these are the entities with bankable projects hence the optimism that Malawi shall immensely benefit from the forum which will be graced by the Malawi leader, His Excellency Professor Arthur Peter Mutharika," said Kumbemba.

 

Among the companies from the private sector are Press Corporation and Nyama World, while Electricity Generation Company (EGENCO) and Lilongwe Water Board are among those from the public sector.

 

Commenting on the importance of the summit with regard the presence of the President, Malawi's Minister of Foreign Affairs and International Cooperation, Francis Kasaila said this complements the President's ideals of wealth and job creation as ably spearheaded by his government.

 

"His Excellency the President remains committed to creating wealth and jobs especially for the youth hence his presence at the UK-Africa Investment summit here in London will be a great achievement. It is expected that our President will consolidate his initiatives by meeting with other global leaders on the same," the minister explained.

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